Indian rupee rises against UAE dirham as dollar weakens

The rupee rose 4 paise to close at 79.53 against the American currency


A Staff Reporter

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Published: Tue 13 Sep 2022, 9:42 AM

The Indian rupee appreciated 28 paise to 79.25 against the US dollar (21.59 versus the UAE dirham) in opening trade on Tuesday, tracking the dollar's decline versus its major peers and foreign fund inflows.

At the Indian interbank foreign exchange, the rupee opened at 79.30 against the dollar, then touched 79.25 in initial deals, registering a gain of 28 paise over its previous close.

On Monday, the rupee rose 4 paise to close at 79.53 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 108.20. Brent crude futures, the global oil benchmark, fell 0.21 per cent to $93.80 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 292.69 points or 0.49 per cent up at 60,407.82. Similarly, the broader NSE Nifty rose 93.25 points or 0.52 per cent to 18,029.60.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets, as they purchased shares worth ₹20.49 billion on Monday, according to provisional data.

On the macroeconomic front, retail inflation accelerated to seven per cent in August driven by high food and fuel costs, while factory output plunged to a four-month low of 2.4 per cent.

The Indian finance ministry on Monday attributed the rise in inflation to base effect and increase in food and fuel prices, and stressed that initiatives taken by the government to curb price rise will be felt more significantly in the coming months.

(With inputs from PTI)


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